Laserfiche WebLink
<br />collected with and as part of other general property taxes in the <br />4It City for the years and in the amounts as follows: <br /> <br />Year of Tax Year of Tax <br />Levv Collection Amount <br />1994 1995 $19,850 <br />1995 1996 23,671 <br />1996 1997 27,279 <br />1997 1998 26,465 <br />1998 1999 25,625 <br />1999 2000 24,760 <br />2000 2001 23,878 <br />2001 2002 27,178 <br />2002 2003 26,035 <br />2003 2004 24,870 <br />2004 2005 23,682 <br />2005 . . 2006 26,675 <br />The tax ~eV1es shall be 1rrepealable so long as any of the <br />Bonds are outstanding and unpaid, provided that the City reserves <br />the right and power to reduce the levies in the manner and to the <br />extent permitted by Minnesota statutes, Section 475.61, <br />Subdivision 3. <br /> <br />e <br /> <br />e <br /> <br />18. 105% Debt Service Coveraqe. It is hereby <br />determined and reasonably anticipated that the estimated <br />collections of tax increments and the other revenues available to <br />the Debt Service Account will produce at least 5% in excess of <br />the amount needed to meet, when due, the principal of and <br />interest on the Bonds. The City Clerk is directed to file a <br />certified copy of this Resolution with the County Auditor of <br />Sherburne County and to obtain the certificate of said official <br />required by Minnesota Statutes, Section 475.63. <br /> <br />19. General Obligation Pledge. The full faith and <br />credit and taxing powers of the City are hereby pledged to the <br />payment of the principal of and interest on the Bonds, and in the <br />event of any current or anticipated deficiency of funds in the <br />Debt Service Account of amounts needed to make any such payment, <br />when due, the Council shall levy ad valorem taxes on all taxable <br />property in the City in the amount of such deficiency. If the <br />balance in the Debt Service Account is ever insufficient to pay <br />all principal and interest then due on the Bonds and any other <br />bonds payable therefrom, the deficiency shall be promptly paid <br />out of any other funds of the City which are available for such <br />purpose, and such other funds may be reimbursed with or without <br />interest from the Debt Service Account when a sufficient balance <br />is available therein. <br /> <br />20. Records and Certificates. The officers of the <br />City are hereby authorized and directed to prepare and furnish to <br /> <br />266467.1 <br /> <br />17 <br />